Articles

Select a year

Is buying a new property best choice?
written by Rajiv Raj, published in Magicbricks.com.August 8, 2014

If you have decided to buy your
own house and have worked hard to cough up an EMI for your home loan each
month, it is natural for you to desire the very best. Almost all prospective
home owners think of buying a brand new property or an under construction
property to begin with. While it is an exciting idea, you should not be too
hung up on the same. Here are some valid reasons why:

&nbsp

While a newly constructed
house or an under construction property may sound good in theory, it may not
always work out for the best as problems such as construction delays or shoddy
construction work may cause relentless trouble for you later. Here are some
advantages and disadvantages to consider while thinking of buying a newly built
home.

&nbsp

The advantages

&nbsp

&nbsp&nbsp&nbsp The `newness’ factor: Nothing can be
compared to the feeling one gets when moving into a newly constructed home! The
walls smell of fresh paint and things are perfect and you don’t have to worry
about making the house “liveable”.

&nbsp

&nbsp&nbsp&nbsp Customisation: If you are buying an
under construction property you can have the builder customise the interiors of
your home before it is ready to move in. Choosing a colour pallete or some
tweaks in basic construction can be a big bonus.

&nbsp

&nbsp&nbsp&nbsp Modern design plan: Newly
constructed homes also come with modern design elements such as open kitchens,
customised wall-to-wall closets, bathrooms with latest designs. Modern day
facilities such as pipe gas, alarm systems, DTH facilities, internet wiring, to
name a few are all taken care of.

&nbsp

&nbsp&nbsp&nbsp Energy efficient advantage: Modern
day constructions (provided you have selected a fairly reputable builder) also
use energy efficient construction materials which mean you will spend less on
your electricity bills.

&nbsp

&nbsp&nbsp&nbsp Few repairs: The other obvious
financial benefit you get from a brand new house is that all the plumbing and
wiring is new, so you will not have to spend money on any major repairs for the
first few years.

&nbsp

The disadvantages

&nbsp

&nbsp&nbsp&nbsp Cost: All things new come with an extra
cost and so is the case with any new property. New property costs you at least
10-15 per cent more as compared to a similar property that is relatively old in
the same area. All the modern amenities that you went ga-ga over, come with hefty
price tags so, be prepared to pay extra for them.

&nbsp

&nbsp&nbsp&nbsp Commute: If you are looking for a
new property you will have to compromise on distances from either your office
or your children’s schools. New properties are invariably available in newly
developed (or developing) area. Hence, chances are you will spend more time on
the commute and may have to travel long distances to reach your favourite
weekend hangout or even the supermarket.

&nbsp

&nbsp&nbsp&nbsp Isolation:&nbsp If a well established community and
neighbourhood is of primary consideration for you, it is best to stay away from
new properties. Chances are it might take quite some time for your neighbours
to move in and build the kind of old neighbourhood charm that you were
expecting. If you are one of the first people to move in, you may well be in a
construction zone for a while.

&nbsp

&nbsp&nbsp&nbsp Standardised plans: If unique
architectural details, old world charm or creative interiors are your cup of
tea, a newly built home will disappoint you. If you are the kind who likes to
customise the interiors of the house and want to tailor it according to your
preferences, it will be best for you to go in for an existing property.
Upgrading your home according to your wish is much easier in such homes.

&nbsp

Brand new homes may seem to be
a great choice, if you want all the modern facilities and don’t mind paying a
premium for it. But if you want to consider your lifestyle, travel distances
and of course want to save every pie you can when buying your home, you may
well go in for an existing property and upgrade it little by little as and when
your budget permits.